Lusby, Maryland Property Taxes
The median property tax rate in Lusby, MD is 1.04%, slightly higher than the national median of 0.99% but lower than the Maryland state median of 1.06%. With a median home value of $226,700 in Lusby, the typical annual property tax bill amounts to $2,427, which is below the national median of $2,690. Property taxes in Lusby are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Lusby's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lusby or another part of Calvert County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lusby, Maryland Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$2,358
$2,188
Ownwell’s Lusby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lusby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lusby to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lusby, Maryland
Property taxes in Lusby, Maryland, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lusby is 1.04%, higher than the U.S. national median of 0.99%. Local government entities within Lusby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lusby estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Lusby's effective property tax rate to other areas in Maryland and the national median. For comparison, the zip code 20657 has the highest median property tax rate of 1.04%, while the same zip code, 20657, also has the lowest median tax rate of 1.04%. Understanding how these areas compare with Lusby provides valuable insights into the varying tax landscape across Calvert County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lusby Tax Rate
1.04%
Average Calvert County Tax Rate
1.01%
Average Maryland Tax Rate
1.06%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lusby, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20657 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Lusby, Maryland
In Lusby, Maryland, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Calvert County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Lusby, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The median home price in Lusby is $226,700, with tax bills ranging from $2,075 at the 25th percentile to $4,428 at the 90th percentile. The highest and lowest median tax bills are both $2,427 in zip code 20657. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lusby Assessed Value
$226,700
Average Calvert County Assessed Value
$346,200
Average Maryland Assessed Value
$317,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lusby, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20657 | $137,270 | $188,575 | $226,700 | $288,925 | $414,120 |
Source: Ownwell
Property Tax Bills Across Lusby, Maryland
In Lusby, located in Calvert County, MD, property tax bills are determined by the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value, which is periodically evaluated by local authorities. Homeowners in Lusby face varying tax bills based on their property's assessed value. The median home price in the area is $226,700, and tax bills can range significantly. For instance, the 25th percentile tax bill is approximately $2,075, while the 75th percentile reaches about $3,095. At the 90th percentile, homeowners might pay up to $4,428. These tax bills are influenced by several factors, including property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Lusby's tax rates reflect the region's specific economic and market conditions. This variation in tax bills can significantly impact homeowners' financial planning, making it essential to understand how these assessments are calculated and to explore potential tax relief options.
Average Lusby Tax Bill
$2,427
Average Calvert County Tax Bill
$3,494
Average Maryland Tax Bill
$3,419
Average United States Tax Bill
$2,690
Property Tax Bills Across Lusby, Maryland
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 20657 | $1,793 | $2,075 | $2,427 | $3,095 | $4,428 |
Source: Ownwell